What to watch today

On Wednesday, investors will get three key pieces of U.S. economic data as private payrolls from ADP and a second read on U.S. GDP growth in the first quarter will be released in the morning. Expectations are the GDP number will show the economy grew at an annualized rate of 2.3% in the first three months of the year.

And then in the afternoon the Federal Reserve’s latest Beige Book report will be released. The Beige Book is a collection of economic anecdotes collected by Fed officials across the country and helps form the basis of the economic discussion that will be had at the Fed meeting in two weeks’ time.

Volcker Rule to lose some of its bite as Fed proposes overhaul: Wall Street’s long campaign to chip away at the toughest trading restriction imposed on banks after financial crisis is finally paying off under President Donald Trump. The Federal Reserve Board, now led by Trump appointees, willmeetWednesday to start rolling back the Volcker Rule, a regulation that was key to Washington’s efforts to make the industry safer following the 2008 meltdown. [Bloomberg]

Sorrell plots comeback: Martin Sorrell is staging a comeback just six weeks after he was ousted from WPP (WPP), using the same formula as in the 1980s when he transformed a little-known shell company into the world’s biggest advertising group. One of Britain’s best known businessmen, Sorrell said he would invest 40 million pounds ($53 million) of his own money into Derriston Capital while institutional investors have pledged 150 million pounds to buy marketing companies. [Reuters]

Competitors at the start of the annual unofficial cheese rolling at Cooper’s Hill in Brockworth, England, Monday May 29, 2017, where a cheese has been chased down the 200 yard, (183-metre) one-in-three gradient hill, annually, since the early 1800’s. A 9-lb round Double Gloucester cheese is set in motion at the top of the hill an the competitors chase after it – the first person to cross the finish line at the bottom of the hill wins the cheese. (Ben Birchall/PA via AP)

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